Common use of Bonuses and Incentives Clause in Contracts

Bonuses and Incentives. Executive shall receive bonus payments from the Company for each month of the Severance Period in an amount for each such month equal to one-twelfth of the average of the bonuses (“Average Bonus”) earned by him for the two fiscal years in which bonuses were paid (ignoring any fiscal year in which a bonus was not paid) immediately preceding the fiscal year in which such termination occurs (including, if applicable, any completed fiscal year for which the bonus has been earned but has not yet been paid). Any bonus amounts that Executive had previously earned from the Company but which may not yet have been paid as of the date of termination shall be payable on the date such amounts are payable to other executives and Executive’s termination shall not affect the payment of such bonus. Executive shall also receive a prorated bonus for any uncompleted fiscal year at the Date of Termination calculated based upon the Average Bonus and the number of days that he was employed during such fiscal year compared to 365. The bonus amounts determined herein shall be paid in a single lump sum payment, to be paid not later than 30 days after termination of employment; provided, that the amount of such lump sum payment representing the monthly bonus payments shall be determined by taking the monthly bonus payments to be made and discounting them to their Present Value on the date Executive’s employment under this Agreement is terminated.

Bonuses and Incentives. Executive shall receive bonus payments from the Company for each month of the Severance Period in an amount for each such month equal to one-twelfth of the average of the bonuses (“Average Bonus”) earned by him for the two fiscal years in which bonuses were paid (ignoring any fiscal year in which a bonus was not paid) immediately preceding the fiscal year in which such termination occurs to him (including, if applicable, any completed fiscal year for which the bonus has been earned but has not yet been paid)) immediately preceding the year in which such termination occurs. Any bonus amounts that Executive had previously earned from the Company but which may not yet have been paid as of the date Date of termination Termination shall be payable on the date such amounts are payable to other executives and Executive’s termination shall not affect the payment of such bonus. Executive shall also receive a prorated pro rated bonus for any uncompleted fiscal year at the Date of Termination Termination, calculated based upon the Average Bonus and the number of days compared to 365 that he was employed during such fiscal year compared to 365year. The bonus amounts determined herein shall be paid in a single lump sum payment, to be paid not later than 30 60 days after termination of employment; provided, that the amount of such lump sum payment representing the monthly bonus payments shall be determined by taking the monthly bonus payments to be made and discounting them to their Present Value on the date Executive’s employment under this Agreement is terminated.